Hong Kong Monetary Authority - Progress of the HKMA's investigations in Lehman-Brothers-related cases and CCB are now also involved

Hong Kong Monetary Authority - Progress of the HKMA's investigations in Lehman-Brothers-related cases

Progress of the HKMA's investigations in Lehman-Brothers-related cases

The Hong Kong Monetary Authority (HKMA) announced today (Friday) that investigation of over 99% of a total of 21,849 Lehman-Brothers-related complaint cases received has been completed. These include:

• 15,769 cases which have been resolved by a settlement agreement reached under section 201 of the Securities and Futures Ordinance (Note 1);
• 3,369 cases which have been resolved through the enhanced complaint handling procedures required by the settlement agreement;
• 2,453 cases which were closed because insufficient prima facie evidence of misconduct was found after assessment or no sufficient grounds and evidence were found after investigation;
• 25 cases (including minibond cases) which are under disciplinary consideration after detailed investigation by the HKMA, of which proposed disciplinary notices are being prepared; and
• 174 cases in respect of which investigation work has been completed and are going through the decision process to decide whether there are sufficient grounds for disciplinary actions or whether the cases should be closed because of insufficient evidence or lack of disciplinary grounds.

Investigation work is underway for the remaining 57 cases.